Tag: FTX

12 people will decide the fate of former FTX CEO Sam Bankman-Fried

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A pregnant physician’s assistant, a train conductor and a retired investment banker are reportedly among the 12 individuals who will eventually decide on the fate of former FTX CEO Sam Bankman-Fried. As per a report from Cointelegraph’s on-the-ground reporter Ana Paula Pereira, the 12 jurors were narrowed down from a list of 45 on Oct. 4, the second day of trial in Manhattan. The potential jurors were each given a minute to introduce themselves by sharing their background, age, employment, education, relationship history and children. Pereira noted that one prospective…

FTX founder Sam Bankman-Fried’s trial day 2: Recap

FTX founder Sam Bankman-Fried’s criminal trial for fraud resumed at 10 a.m. New York time, as Federal Judge Lewis A. Kaplan moved to conclude jury selection and hear opening statements from attorneys on both sides. Senior District Judge Lewis A. Kaplan is presiding over the case, and Assistant U.S. Attorney Nicolas Roos is leading the prosecution. The defense is being led by Mark Cohen. Here are the latest live updates from inside the courtroom on day 2:  Judge Kaplan wrapped up initial juror picks around 11:20 a.m. ET, with 12…

Cocoa broker testifies to Bitcoin holdings on FTX in Sam Bankman-Fried trial

The prosecuting attorneys in the criminal case against former FTX CEO Sam Bankman-Fried, also known as SBF, have started to call witnesses. According to an Oct. 4 X (formerly Twitter) thread by Inner City Press, the Assistant United States Attorneys presented testimony from a London-based cocoa broker named Marc-Antoine Julliard who used FTX for crypto trading. Julliard spoke on learning about the crypto exchange from a friend, seeing advertisements for the firm by Gisele Bündchen, and using the FTX mobile app for trading cryptocurrencies including Dogecoin (DOGE). In testimony before…

Sam Bankman-Fried ‘Lied,’ DOJ Tells Jury; Defense Tries to Pin FTX Collapse on Caroline Ellison

The FTX app and terms of service told customers the money they put on the exchange was being kept for them “as if they were sitting right there” – but, in reality, Bankman-Fried diverted those funds to “smaller and secretive company” called Alameda Research and spent them on “luxuries” for himself, his friends and family members, Rehn told the court. In addition, Bankman-Fried used the money to make political donations that allowed him to curry favor with powerful people on Capitol Hill, Rehn said. Source

Alameda sent $4.1B of FTT tokens to FTX before crash: Nansen report

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Blockchain data analysts from Nansen have revisited the days leading up to the collapse of FTX, including the transfer of $4.1 billion worth of FTT tokens between the exchange and Alameda Research. A Nansen report shared with Cointelegraph reveals unique observations from the blockchain analytics firm, highlighting the close relationship between the two companies founded by Sam Bankman-Fried as the former FTX CEO appears in court to face a litany of charges relating to the collapse of the exchange. The collapse of FTX is widely reported to have been sparked…

U.S. Crypto Regulation Irrelevant to Sam Bankman-Fried FTX Allegations, DOJ Says in Fraud Trial Arguments

“While the existence of a law might be relevant to establish a statutory duty of care, the absence of regulation is not relevant to whether money was, in fact, entrusted to the defendant’s care by his victims,” the DOJ filing said, adding that the existing criminal rulebook is sufficient. “There are prohibitions on misappropriating customer assets – they are the very laws that the defendant has been charged for violating.” Source

Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 1]

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Cointelegraph reporters are on the ground in New York for the trial of former FTX CEO Sam Bankman-Fried. As the saga unfolds, check below for the latest updates. Oct. 3: SBF trial begins The trial of Sam Bankman-Fried began on Oct. 3 with jury selection. Bankman-Fried is charged with seven counts of conspiracy and fraud in connection with the collapse of FTX, the cryptocurrency exchange he co-founded. He has pleaded not guilty to all charges. The case is being heard by Judge Lewis Kaplan, who has presided over a long…

Sam Bankman-Fried’s FTX Spurred Almost $300M Loss for Crypto Market Maker Jump Trading, Michael Lewis Says in ‘Going Infinite’

The book says Jump was “near the top” of the list of FTX’s 50 “biggest accounts whose owners had been unable to remove their money from the crypto exchange,” Lewis wrote. Jump Trading lost $206 million while its affiliated trading firm, Tai Mo Shan Ltd., lost more than $75 million, according to the book, which cited documents discovered by Constance Wang, ex-chief operating officer of FTX. Source

As trial begins, Sam Bankman-Fried’s lawyers push to exclude testimony from FTX users

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The criminal trial of former FTX CEO Sam Bankman-Fried (SBF) is currently underway in New York, and his legal team has filed motions aiming to ban testimony from users and investors in the exchange. In separate Oct. 2 filings in United States District Court for the Southern District of New York, SBF’s lawyers opposed pre-trial motions from prosecutors requesting FTX customers and investors testify regarding how they believed the cryptocurrency exchange would handle assets. They also sought to block the testimony of a former FTX user — an unnamed Ukrainian…

The Collapse of FTX, in Sam’s Own Words

We may not know for weeks whether Sam Bankman-Fried will take the stand at his own trial. He may want the chance to explain himself to the jury, but his lawyers are surely wary of the withering cross-examination such a tactic would invite. No matter: the unconventional former crypto executive has already said – publicly – plenty about what went down in FTX’s final days. Source